Cloud-based Bank Operating Solution Provider nCino Raises $80 Million in Latest Funding Round

North Carolina-headquartered nCino, which has created a cloud-based operating system for financial service providers, raised $80 million through an investment round led by T. Rowe Price Associates Inc.

San Francisco-based Salesforce Ventures also took part in nCino’s funding round, which brings the Wilmington company’s total raised since its launch in 2012 to over $213 million. nCino has previously received investments from Bessemer Venture Partners and Insight Partners.

nCino’s management noted in a press release on October 2 that it had closed on a round of funding, however, the company did not disclose the amount raised. The firm’s filing with the US Securities and Exchange Commission (SEC) shows that it raised $80 million.

nCino was established by a group of bankers and business owners who found the traditional lending process to be “inefficient and time-consuming.” The company has created an “end-to-end” SaaS solution, called the nCino Bank Operating System, in order to help financial institutions “increase transparency, efficiency and profitability while ensuring regulatory compliance,” according to nCino’s official website. 

The company notes that its software is designed to work with a bank’s transactional systems, “while replacing point solutions and manual-based processes.”

nCino co-founder James (Chip) Mahan III is also chairman and CEO of Live Oak Bank. 

The company’s system was first implemented at the Live Oak Bank and then other banks began using it. More than 1,100 financial institutions across many different countries are now using nCino.

nCino’s management is planning to use the funds raised “to further scale its global workforce and accelerate investment in research and development to bring innovations such as analytics, artificial intelligence and pricing” to its clients. 

nCino representative Natalia Moose noted earlier this year that the company is building upon its product by adding retail banking and enterprise onboarding solutions. 

Moose stated:

“We’re well beyond our days of being just a commercial loan origination platform.”

nCino has over 750 employees on its payroll across the firm’s offices in Wilmington, London, Sydney, Toronto, and Salt Lake City.

In July 2019, nCinco acquired its first company, Visible Equity, a Utah-based financial analytics and compliance software firm.

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